Russia founds new company in Venezuela after Rosneft sale

After Russian Rosneft terminated its operations in Venezuela and sold its assets to Russian government, Kremlin established a new oil company called Roszarubejneft in the South American country, official data reveals.

Russia's largest oil company, Rosneft, announced on 28 March that it had stopped its operations in Venezuela and sold all its assets in the country to the Russian government.

The new state company was established on the same exact day that Rosneft dissolved its activities in the country.

According to the Russia's company registration system, the Federal Agency for State Property Management established a new oil company called Roszarubejneft with a total capital of 332 billion rubles (about $ 4 billion). Nikolai Rybchuk was appointed as the general manager of the new company.

According to a report by Russian daily RBC, Rybchuk acted as a military attache with Russian embassy in Angola for sometime.